Ethereum-Based Altcoin Soars 70% In Just 10 Days, Bucking Crypto Market Trend

A surging Ethereum-based altcoin defies the bear market as it trends higher as broader crypto markets struggle.

XCN, the governance and utility token for the blockchain cloud protocol chain, has surged over 70% in the past 10 days, while most other crypto assets have moved sideways.

XCN was trading around $0.10 on May 25 and is now priced at $0.174 at the time of writing. The asset also climbed in the crypto market cap rankings, from 51st in mid-May to 28th this week.

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The company also announced that it continues to hire new employees despite the general stagnation in the crypto markets.

XCN has also become available on BNB Chain last month, the blockchain network of Binance, the world’s largest crypto exchange by volume. Via BNB Chain, the crypto asset can now also be deposited using crypto exchanges Huobi, Gate.io and KuCoin.

On Friday, Chain announced that it had burned a staggering $2.6 billion worth of XCN, or more than 22% of the token’s total supply, as part of a new governance change.

As the channel’s CEO Deepak Thapliyal said,

“XCN Token Burning Means Switch to Chain’s Decentralized DAO [decentralized autonomous organization] governance. This milestone recognizes both XCN’s impact on Web 3.0 development and the innovators who have used it to build on Chain.

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Featured Image: Shutterstock/Fotomay/Nikelser Kate



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Ethereum-Based Altcoin Soars 70% In Just 10 Days, Bucking Crypto Market Trend


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